If I am employed,making 401-K contribution and turned 71yrs . do I need to make RMD withdrawals from my other traditional IRAs with other custodians?

nashraj — Thu, 06 Jun 2019 08:52:44 GMT

Yes. You need to be taking required minimum distributions...

AndreaG — Thu, 06 Jun 2019 08:52:46 GMT

Yes. You need to be taking required minimum distributions from all your Traditional IRAs. According to page 6 of pub 590B under the headings, "when must you withdraw assets? (required minimum distributions)" and "IRA owners", "if you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70 1/2. April 1 of the year following the year in which you reach age 70 1/2 is referred to as the required beginning date.

Under the heading, "distributions by the required beginning date", it goes on to say, "You must receive at least a minimum amount for each year starting with the year you reach age 70 1/2 (your 70 1/2 year). If you do not (or did not) receive that minimum amount in your 70 1/2, then you must receive distributions for your 70 1/2 year by April 1 of the next year..." https://www.irs.gov/pub/irs-pdf/p590b.pdf

Thanks,Andreag

nashraj — Thu, 06 Jun 2019 08:52:48 GMT

Thanks,Andreag

You are most welcome!

AndreaG — Thu, 06 Jun 2019 08:52:49 GMT

You are most welcome!

topic Thanks,Andreag in Retirement tax questions

If I am employed,making 401-K contribution and turned 71yrs . do I need to make RMD withdrawals from my other traditional IRAs with other custodians?

Yes. You need to be taking required minimum distributions...

Thanks,Andreag

You are most welcome!